DRAFT 2 11/25/03
                                                Privileged & Confidential


[LOGO SCHERING-PLOUGH]                                              News Release

                                                     Schering-Plough Corporation
                                                        2000 Galloping Hill Road
                                               Kenilworth, New Jersey 07033-0530

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For Release: IMMEDIATELY                            Contact: Robert J. Consalvo
                                                              (908) 298-7409



                      SCHERING-PLOUGH ANNOUNCES COMPLETION
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                     OF $2.4 BILLION SENIOR NOTES OFFERING
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KENILWORTH, N.J., Nov. 26, 2003 - Schering-Plough Corporation (NYSE: SGP) today
announced the completion of the offering of $1.25 billion aggregate principal
amount of 5.3% senior notes due 2013 and $1.15 billion aggregate principal
amount of 6.5% senior notes due 2033 in an underwritten registered public
offering. The interest rate on the notes is subject to adjustment in the event
of certain rating changes to the notes. The interest payment dates for each
series of notes are June 1 and December 1 of each year (commencing June 1,
2004), and the record dates for interest payments for each series of notes are
May 15 and November 15 preceding the relevant interest payment date. Merrill
Lynch & Co. and Citigroup acted as the joint book-running managers for the
offering.

        This announcement is neither an offer to sell nor the solicitation of an
offer to buy the senior notes or any other securities and shall not constitute
an offer, solicitation or sale, nor shall there be any sale, in any jurisdiction
in which such offer, solicitation or sale is unlawful.

        DISCLOSURE NOTICE: This release contains forward-looking statements
about Schering-Plough's intention to raise funds from the sale of senior notes
which statements are indicated by the words "will," "plan," "expect" and similar
expressions. Such forward-looking statements are subject to risks and
uncertainties. Readers are cautioned not to place undue reliance on such
statements, which speak only as of the date on which they are made. The company
undertakes no obligation to update or revise such forward-looking statements.
For a discussion of risks and uncertainties that may cause actual results to
vary from forward looking statements, see Schering-Plough's filings with the
Securities and Exchange Commission, including the third quarter 2003 10-Q filed
November 7, 2003.

        Schering-Plough is a research-based company engaged in the discovery,
development, manufacturing and marketing of pharmaceutical products worldwide.

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